SVB Financial Group, the former parent company of Silicon Valley Bank, is nearing a deal to sell its venture capital arm, SVB Capital. According to a report from the Wall Street Journal, Anthony Scaramucci’s SkyBridge Capital and Atlas Merchant Capital, along with Vector Capital, are in the final stages of the bidding process. The sale of SVB Capital is expected to fetch between $250 million and $500 million, pending review by the creditor’s committee. A decision on the sale is anticipated in the coming weeks.
SVB Capital, which was not included in SVB’s Chapter 11 bankruptcy proceedings, will continue its normal operations despite being put up for sale. The investment capital platform has a diverse portfolio, including investments in major Silicon Valley venture capital firms like Sequoia and Andreessen Horowitz. As of December 2022, SVB Capital held $9.5 billion in assets across 20 funds and 760 companies, including blockchain analytics service Chainalysis.
On the other hand, SkyBridge Capital, managed by Anthony Scaramucci, oversees approximately $1.8 billion in assets, with around $580 million invested in cryptocurrencies and other digital assets.
It is worth noting that Silicon Valley Bank, along with other crypto and tech-friendly banks like Signature Bank and Silvergate Bank, faced significant challenges earlier this year. The collapse of these banks was considered the worst banking crisis since 2008. Silicon Valley Bank, which provided banking services to crypto companies in the United States, was shut down by California’s financial watchdog and filed for bankruptcy in March.
Despite attempts to reach out for comment, neither SkyBridge Capital nor SVB Capital responded by the time of publication.
Sources:
– Wall Street Journal: https://cointelegraph.com/news/scaramucci-lead-bidder-silicon-valley-bank-venture-capital-svb-capital
– Fortune: https://cointelegraph.com/news/scaramucci-lead-bidder-silicon-valley-bank-venture-capital-svb-capital
– Chainalysis: https://cointelegraph.com/news/scaramucci-lead-bidder-silicon-valley-bank-venture-capital-svb-capital
– Cointelegraph: https://cointelegraph.com/news/scaramucci-lead-bidder-silicon-valley-bank-venture-capital-svb-capital
– Twitter: https://cointelegraph.com/news/scaramucci-lead-bidder-silicon-valley-bank-venture-capital-svb-capital
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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